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<br /> 4 � If under paragraph 18 hereof the Property is sotd or the Yroperty is otherwise acquired b,y J.ender, I.ender �
<br /> shall apply, rw lates ti�an immedistely prior to thc salc o[ tl�e Pro��erty or ics acy�ieition by l.ender, uny Funds
<br /> held by I.ender at the time of application a� a credit agninxt tl�e sums securcd hy thie Vlortgage.
<br /> 3. App�iCattioo ot Payta�at�. Unless applicabli� laH� � �rovidee otherwise , ull payments received by Lender
<br /> uader the Note and ParagrapLc 1 and 2 hereof al�all I,c appfieti by i,ender firat in �aayinent of amounts pa,yable to
<br /> � I,endes by $orrower under p$ragrspl� 2 laereof, then to interest payable on tlae Note anci on Future Advanaes, if
<br /> ^ any, aAd theul bo the prinoipal of the Note and to tl�e principal of Future Advances, if a4y.
<br /> {. C�nyrss 1„i�. Borr4wet sLall pay sll taxes, asseseuients und other charges, fines and impwitions attrib-
<br /> � � ut�tble to tbe Ps�operty whieh tttsy aE4►in a priority over ktiia 141ortgage, and ground rente, if any, st I.ender'r
<br /> optioa iu the manner {�rovid� us►dgr pazagraph 2 hereof or Iry Borrower rnaicing psyment, when due, direetly to
<br /> � the psy+ee EheseoY. Borrower ehell pmmptly furniah to T.ender al ! notices of amounts dne under thie paragraph,
<br /> aud in the evept Borrower shall make payment directly , Borrower shxll promptly furnieh to Lender receipts evi-
<br /> Odencie� such paymente. Borrower shall i>romptly discharge any lien whieh has priority over this \Sortgaee ; pro-
<br /> V vided, thst Borrower sliall not be required to diecl�arRe any sucl� lien so long as Borrower shall agree in writina to
<br /> the psyment of f.he oblig�tion seoured by such lien in n �nanner acceptable to I.ender, or ehall in good fsith coatesE
<br /> sueh lien by, or defend enforeemeaL of such lien in , legal proceedings which uperate to prevent the eaforcetnant of
<br /> the lia► or fosfeiture of tiie Property or any ��art thereof.
<br /> S. ll�rd Inwrm��. Bonower shall keep t.he iinproven�ents now existing or hereafter erected on the Pewp-
<br /> etty insured sgainst loes by fire, hsasrds included within the term "extended coverage", and sueh other hasardr ae
<br /> I.ender may require and in euch amounts and for sucl� periodE a� Lender may require ; Nrovided , thst Lender rhsll
<br /> not require that the at»nunt of euch coverage exceed that amount of coverage reyuired to psy the sume reouted 'by
<br /> this Mortgsae.
<br /> The insuranee carrier providing tl�e insurauce shall be chosen by Borrower subject Lo apQroval by I.ender ;
<br /> provided , that auch approval ehall not be unreaeonably withheld. All premiums on iaeurance polieies shrll be psid
<br /> at Lender's option in the manner provided under paragraph 2 hereof or by Borrower �uaking payment, when due,
<br /> dieeotly to ttbe ineutance carrier.
<br /> In tha event aay policy ie not renewed on or before ten daye of its expisation, the Leader, to ps�otect
<br /> its intereet, may procure insurance on the improvemente, pay the premiums and such cum ehall bec�rne
<br /> imtnediately due and payable with interest at the rate set forth ia said note until paid and ehall be
<br /> secured by thie Mortgage. Failure by Borrower to comply may, at option of Lendet, oonstitt�te a de(�ult
<br /> under the tessns of thir Mortgage.
<br /> All ineurance polieies and renewals tl�ereof shall be in farm acceptable to I.ender and siiall inelude a ctst►dstd
<br /> inortgage clause in fevor of and in fonn acceptable to Lender. Lender ahali l�ave tkie right to hold the policies and
<br /> renewalr thereof, and Borrower shall promptly furnish to Lender aA renewat notices and all neceipta of paid pre-
<br /> miums. In the event of loas, Borrower shali give prompt notice to the insurance carrier and Lender, and I.ender
<br /> m4y in�ke proof of loce if not made promptly by Borrower.
<br /> Ualees Lender sad Borrower otherwise agrne in writing, insurance proceede shall be apNlied to restorstion or
<br /> repair of the Property damaged, provided such restoration or repair is econocnically feasible and the security ot
<br /> thi� Most;s�e is not thereby impaired. If such restoration or repair is not economically leasible ar it the eeeussty
<br /> o! thit A1oetQage would be impaired , the insuranee ��roceede sliall I +e applied to the sums secured by thia Mortq,�,
<br /> with the exce�s, if aay, pud to Borrower. If the Yroperty is abandoned by Borrower ot if Borrower foilr to re�pood
<br /> to I.eader within 30 days after notice by Lender to Borrower tliat che inaurance carrier offerc to settie s cl�im for
<br /> iawn►nee beaefiks, Lender is authorized to collect and ap�ly the inaurance proceeds at I.ender's optan eitl�sr tp
<br /> ewWT►teon os repair of the Property or to the aums secured by tliis J3ortgsge.
<br /> Us1eM Lender snd Borrower otherwise agree in writing, any sucl� appSication of proceeds to principal aha1)
<br /> not oftteod or postpone the dt�e date of the moathly installments referred to in paragraphs 1 and 2 hereoi or olfas`e
<br /> ti� �mamE ot tueh instslimentc.
<br /> Ii mider pazagey►ph 18 hereof the Yroperty is saquired by Lender, all right, title and interwwt of Bo:eoa�er ip "
<br /> as►d to say iusursnce polici� and in and to the proceede tliereof (to tl�e extent of the sume cecured by thie DiLoe�t-
<br /> �e immediately prior W euoh eale or acquisition ) resulting from daniage to the Property prior to the oale or
<br /> aaquuitaoa sba!! pase to I.ender.
<br /> �. l�+alioa m�d M�aMamu� d pro�e�Y: I�holds: Goademie�uan. Borrower shsll keep the Prop-
<br /> eet�y in �ood tepair and ehall not permit or commit waste, impairment , or deteriorstion ot the Property and shsll
<br /> onmply with the provieione of any lease, if this \lortgage is a� a leasehold . If this Mortgage is on a ewido�ainium
<br /> unit, Borrow�er shsll perform sll of Borrower's obligations under the declaration of condominium or master deed,
<br /> the by-L�vs aad regulat,ione of the condominium project snd constituent documents.
<br /> 9. R+obcliop ad twnd�r's S�eusity. If Borrower fails to perform the covenants and agreements contaio�d in
<br /> thit Most�a�e, or if any action or proceeding is commenced which rnsterially affects I.ender's interest in the Prop-
<br /> erty, iaeludin�, but not limited to, eminent domain , insol��ency, code enforcement, or arrangea�ente or proeeed-
<br /> iap invodviat� a bankrupt or decedent, then Lender at I.ender's option , upon notice to Borrower, may mal�e sueh
<br /> sppe+�eaneee, dirburse auoh sume and take eue}� action us is uecessary to protect Lender's interect, iacludias, but
<br /> mE limited to, disbune�nent of rereonsble acWrney 's fees and entry upon the Property to u�slce e�e�ain, Aay
<br /> a�wfuat� disbus�ed by L�der purrusnt to thia para�rapl� 7, witl� interest thereon, shall beowne addit"soea! iaalebtr
<br /> doaM of Bort�aver oecured by this Mortgage. Unless Borrower and I.ender agr�+e to other tern�s of p�yment, �ueh
<br /> smoue�s dt�il be psyabie upon n�ice from Lender to Borrower requestin� psyment thereof, and ahall bear iater.
<br /> • `, a�E frqa ti�e dste of disbutgemenL st the rate stated in the Note unlces poyment of intereat at sueh r�te wou{d be
<br /> ooatnry to 4pplicable law, ifl whieh event sueh amounts ehall bear inter�t at the hishest rste psemirible by
<br /> , , ap}�liaabis lsw. Nothing contyined in thie paragrapl� 7 shall �r�uire l.ender to incur any eacpenre or do sny aet
<br /> 6�.
<br /> ' �. L�p�c1'iae. Lender msy �naice or caue�e to I�e maaic �rsgonsble entries upon an�# inenectione of the Prop-
<br /> et+E,y, p�rvvid�d tdat I.ender ahail give Borrow-er ncuice ��rior to anv Ku�h inepeet.ion npecifyinR reaeo�fable caure
<br /> tt�refot r�irEed to I.�acier'r iat�ereec ia the Property.
<br /> i 1. C�ed�e�sliae. The prooeeds of aay award or claim far dsmages, direct or oa�sequential, ia� e�onneekqn
<br /> � vkh e4fY �oo er otbee taria� ef the Property. or ��art thereof, or for conveysace in lieu of oondemrs- r
<br /> � tdon, stre Lana6y ar4i�ned and ahall t�e paid to Leader.
<br /> S ia the aveat oY s tatsl takia� of the Pi+q�erty, the �,rooeed. rl�all l� a�aplied to the suma eecured by this Ma�t- . - �l;
<br /> p�e, wit6 Cbe m�+oees, if aay, paid to Botemuer. In the event of a partial takin� of the Property, unla�e Borrow�r ;
<br /> ,� �ad L�d�c ot,6er�rLe �p'me i� �vsit�, thes�e a�ali be appiied to tt�e ruror eecured by thi� Alorf�a�e euch pe+o�wr- ^
<br /> � '� equsl !e �at
<br /> � �v��t�be o[ �'� �hiah tl�e amount of tiie sumr secw�ed by thie Morrp,�e ia�- $
<br /> � b�ars to Zhe fair u�asket value ot tlie PropertY ia�medisWy pri�or to t6e dabe o[
<br /> �, w�l �e � N #ie px+r�eeeib psid to $orro�r�cr.
<br /> � t�Mlc� isal�aed�oaed bp 8ose�aa�r or if wft� wotioe by Lender to Borrower that the coodemeor o�enc ' � �' :
<br /> � � s� r awd or �Nf�e a el�u fa* da+sq�, HQsrawtr fai4s to mpoad to I.eader within 30 days ot the drde - �'"`°�'
<br /> � �# NMdF�Nwr I+�adint is aKtboniNd ts eo�eet asd a�ty Wk+ pneeeedr �t Lender's oQtiaa eitl�er to restoratioe or "`
<br /> s r�ie et +�r 3"aia� oe io t+hs wr Ne�ared� tllis �ivoet;ye.
<br /> i IIwA� I�+ire� s�d 8oceowier oqNnri�s t1�we ui wa"ili�i, se7 wreh iVP�t�n of Proeeede W Priacipal rhall
<br /> � � . �`� �` ___1
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